Huffpost Chicago

Illinois Senate Approves Tax Breaks For Businesses

Posted: Updated:
Getty Images

SPRINGFIELD, Ill. -- Illinois lawmakers have approved a $330 million package of tax relief to businesses and individuals.

The state Senate approved the business measure 44-9 on Tuesday. The individual tax relief passed 48-4. Both now go to Democratic Gov. Pat Quinn, a supporter.

Sears and the Chicago Mercantile Exchange see the most benefit. The companies had threatened to leave Illinois without financial help from the state. The legislation offers $100 million in tax relief to them and the Chicago Board Options Exchange.

The other measure increases tax credits for the working poor and raises the personal income-tax exemption.


The bills are SB397 and SB400.

Around the Web

Illinois tax breaks could trigger demand for more - CNBC

Illinois tax breaks could trigger demand for more - CBS News

Illinois Tax Deduction for Section 529 Contributions

Illinois' tax-break deal hits wall | Illinois Statehouse News

Tax Breaks for Higher Education - University of Illinois Extension

Illinois House OKs tax breaks for CME, Sears -